# In the matter of Today Homes and Infrastructure Pvt. Ltd. IA-4096-2022 in IB-2130(ND)-2019]

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00461. The case involves an application (IA-4096/2022) filed by dissenting financial creditors (M.K…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/today-homes-and-infrastructure-pvt-ltd-ia-4096-2022-in-ib-2130nd-2019-5f40b21f

## Summary

### Background

The case involves an application (IA-4096/2022) filed by dissenting financial creditors (M.K Batra (HUF), S.S Batra and Sons (HUF), Sunder Sham Batra and Mohinder Batra) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the rejection of a resolution plan submitted by a consortium. The Corporate Insolvency Resolution Process (CIRP) was initiated against Today Homes & Infrastructure Pvt. Ltd. based on an application under Section 7 of the IBC filed by Dynacon Projects Private Limited. The Resolution Professional was appointed, and a Committee of Creditors (CoC) was constituted. The Resolution Professional published Form G, which was later amended due to changes in eligibility criteria for Prospective Resolution Applicants. The invitation

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Today Homes & Infrastructure Pvt. Ltd. based on an application under Section 7 of the IBC filed by Dynacon Projects Private Limited. The Resolution Professional was appointed, and a Committee of Creditors (CoC) was constituted. The Resolution Professional published Form G, which was later amended due to changes in eligibility criteria for Prospective Resolution Applicants. The invitation for Expression of Interest (Eol) provided concessions to Registered Welfare Associations regarding the Earnest Money Deposit (EMD). The Resolution Plan submitted by the Consortium of Canary Greens Buyers Welfare Association, Callidora Flat Owners Welfare Association, and Royal Elegencia Apartment Buyers

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with Section 30(2)(b) of the IBC and Regulation 38(1) of the …

**Ratio:** Section 30(2)(b) of the IBC mandates that the resolution plan provides for the payment of

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**Reasoning:** The Adjudicating Authority considered the submissions and evidence presented by both

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**Interpretation:** Section 30(2)(b) and Regulation 38(1) are interpreted to mean that dissenting

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**Application:** In this case, the Adjudicating Authority accepted the Resolution Professional's

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** M.S. Batra & Sons…
- **Respondents:** M/s Today Homes &…; Pradeep Kumar…

## Timeline

- **2019-10-31 — CIRP Init…**: Adjudicating Authority admitted an application filed under Section 7 of the Code by M/s.…
- **2020-11-06 — Publication o…**: Final Form G was published by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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